New Delhi, Aug. 18 -- Prime Minister Narendra Modi's announcement of a significant Goods and Services Tax (GST) reform to be rolled out by Diwali, made during his Independence Day speech on August 15, 2025, is growth-accretive and likely to be a major market driver, according to Seshadri Sen, Head of Research and Strategist at Emkay Global Financial Services Ltd.

Emkay Global has raised its Nifty 50 target to 28,000 for September 2026 and recommends investors focus on autos and cement to play this theme.

"The second-order benefits of the GST rationalization are key: this speeds up formalization of the economy and improves competitiveness of Indian companies. We think the government should absorb the revenue loss through the higher defic...